Section 3 in Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018
3. Application for grant of certificate of registration.
(1)No person shall establish a Depository unless he has obtained registration from the Board in accordance with the Act, the Depositories Act, 1996 and these regulations.(2)An application for the grant of a certificate of registration as a depository shall be made to the Board by an applicant in Form A of the First Schedule, shall be accompanied by the fee specified in Part A of the Second Schedule and be paid in the manner specified in Part B thereof.(3)The application shall be accompanied by draft bye-laws of the depository that is proposed to be set-up.
